GST bill passed in Goa

By Registrationwala

10th May 2017

 

After so many states Goa has also been added to the list of the states those have passed GST. Goa Assembly chose Tuesday to unanimously pass the Goods and Services Tax (GST) Bill, becoming the 23rd State legislature to ratify the tax reform.

In the assembly, Manohar Parrikar Chief Minister replied to the debate during the specially convened session said though the Congress-led UPA introduced the GST Bill, But it failed to find consensus among States for the Bill.CM also said this consensus was clinched by the NDA government by making provision for compensating States for losses in the first five years. This has not been a mere promise from the Centre, it is a legal undertaking.

CM also declared that since Goa is a consumption State with a huge tertiary sector would benefit around Rs. 600 to Rs.1,000 crore annually. GST is crucial for a pan-India indirect tax regime. It has been passed by Parliament earlier this year. It is expected that the GST will simplify the tax structure. This will bring relief to people across sections, including the business community and several taxes in force now will be done away.

Chief Minister also declared that training workshops will be organized for officials, traders and service providers on the provisions of the Bill. There been a session in the assembly to resolution ratifying the amendments to the Constitution to pave way for the presidential assent to the Goods and Services Tax Bill, 2016.

Industry welcomes move

 Goa Chamber of Commerce and Industry (GCCI)  also welcomed the passing of the GST Bill. It is expected that “Implementation of GST will trigger an economic revolution and lead to the total transformation of all businesses including trading, manufacturing, and services”.

GST implementation will avoid multiple, only one rate for one commodity throughout the country. This will remove inconvenience in businesses and face to deal. There can be few initial hiccups in implementing the GST Bill in the State because compliance is quite complex. GCCI has also declared that they will make all-out efforts to ensure that the trade and industry in Goa are fully geared for the smooth rollout of GST. They will also set up a cell that will extend all possible help and guidance to businessmen in Goa.

 

 

 

GST bill passed in Goa

2017-05-10